South Korean shares cut gains as US postpones trade talks
The benchmark KOSPI was up 26.40 points, or 0.83%, at 3,210.17 as of 0211 GMT, after rising as much as 1.70% earlier in the session.
Talks between top South Korean and U.S. officials to negotiate over U.S. President Donald Trump's tariffs have been postponed due to a scheduling conflict for U.S. Treasury Secretary Scott Bessent, South Korea's finance ministry said on Thursday.
Hyundai Motor was down 0.45%, after falling as much as 1.80% on the news. The automaker rallied on Wednesday after Japan's trade deal with the U.S. raised hopes that South Korea might also get a cut in 25% auto tariffs.
South Korea's economy grew at the fastest pace in more than a year in the second quarter, beating market expectations, buoyed by rebounding consumer spending and a surge in exports, driven by robust demand for technology.
SK Hynix gained 1.58%, as the chipmaker flagged plans to boost spending this year after posting a record quarterly profit. Rival Samsung Electronics rose 0.38%.
Among other index heavyweights, battery maker LG Energy Solution climbed 8.77%, while steelmaker POSCO Holdings added 0.15% and drugmaker Samsung BioLogics rose 3.20%.
Of the total 935 traded issues, 280 shares advanced, while 606 declined.
Foreigners were net buyers of shares worth 575.3 billion won ($420.33 million).
The won was quoted at 1,369.9 per dollar on the onshore settlement platform, 0.43% higher than its previous close at 1,375.8.
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